Tuesday, July 03, 2012

Another Obama Subsidized Green Energy Company Flops

Abound Solar Inc., a U.S. solar
manufacturer that was awarded a $400 million U.S. loan
guarantee, will suspend operations and file for bankruptcy
because its panels were too expensive to compete.

Abound borrowed about $70 million against the guarantee,
the Loveland, Colorado-based company said today in a statement.
It plans to file for bankruptcy protection in Wilmington,
Delaware, next week.

The failure will follow that of Solyndra LLC, which shut
down in August after receiving a $535 million loan guarantee
from the same U.S. Energy Department program. Abound stopped
production in February to focus on reducing costs after a global
oversupply and increasing competition from China drove down the
price of solar panels by half last year.

This company went down the tubes so fast that it couldn't even spend the $400 million that Obama tried to give them.

About Me

I was born in Tombstone, Arizona, but moved to California in 1959 when labor strikes at the copper mines devastated the Arizona economy. I've been moving north ever since. Pullman is as far north as I care to live and I'm looking toward reversing the drift.